In a major case of online investment fraud, an assistant professor at Ahmedabad Civil Hospital was allegedly duped of ₹70 lakh in a forex trading scam, highlighting the growing threat of sophisticated financial fraud targeting professionals.
The victim was reportedly lured into the scheme through online platforms promising high returns from foreign exchange trading, a tactic increasingly used by cybercriminals to exploit trust and financial aspirations.
Lured through fake forex investment promises
According to the complaint, the victim came across an online trading opportunity that appeared legitimate and professionally managed. The fraudsters presented themselves as experienced forex traders and gradually built credibility through regular communication.
They convinced the victim to invest money in phases, assuring consistent profits and showcasing fake returns through manipulated dashboards, which created a false sense of security.
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Gradual investment leads to heavy losses
As confidence grew, the victim continued transferring funds over time, eventually investing a total of ₹70 lakh. Initially, small returns or positive account balances were shown to maintain trust.
However, when the victim attempted to withdraw the funds, the fraudsters allegedly demanded additional payments under various pretexts such as taxes, processing fees, or account verification charges—common red flags in such scams.
Eventually, communication stopped, exposing the fraudulent nature of the scheme.
Following the incident, a police complaint was filed, and authorities have launched an investigation to trace the accused and track the financial transactions involved.
Officials are analysing digital evidence, including bank transfers and communication records, to identify the individuals or network behind the scam.
Rising trend of forex and trading scams
Experts warn that forex trading scams are rapidly increasing, especially on social media and messaging platforms where fraudsters pose as financial experts.
Such scams typically involve:
- Fake trading platforms
- Unrealistic profit promises
- Continuous demands for additional payments
- Delayed or blocked withdrawals
Professionals and educated individuals are often targeted due to their higher investment capacity and trust in structured financial systems.
Advisory for investors
Authorities have urged the public to remain cautious while dealing with online investment schemes. Investors should verify the authenticity of platforms, avoid unsolicited offers, and be wary of guaranteed returns.
Experts emphasise that legitimate trading platforms do not demand repeated payments for withdrawals, and any such request should be treated as a warning sign.
About the author – Ayesha Aayat is a law student and contributor covering cybercrime, online frauds, and digital safety concerns. Her writing aims to raise awareness about evolving cyber threats and legal responses.
